TN, Foxconn sign LoI to set up Rs 1,600 cr mobile components plant in Kancheepuram
A Letter of Intent was signed between M/s Hon Hai Technology Group (Foxconn) and Guidance Tamil Nadu in the presence of Chief Minister M K Stalin and chairman of Foxconn group Mr Young Liu for setting in this regard.
Chief Minister M K Stalin
CHENNAI: The state government on Monday signed an agreement with Foxconn to establish a Rs 1,600 crore mobile phone component manufacturing facility at Kancheepuram.
A Letter of Intent was signed between M/s Hon Hai Technology Group (Foxconn) and Guidance Tamil Nadu in the presence of Chief Minister M K Stalin and chairman of Foxconn group Mr Young Liu for setting in this regard.
Stalin, who announced the agreement on his social media page, tweeted, "Was delighted to meet Foxconn Group Chairman Mr Young Liu and his team. Various investment opportunities in Tamil Nadu were discussed. Investment committed to establish a mobile component manufacturing facility in Kancheepuram district for Rs 1,600 crore with a potential employment for 6,000 persons was signed in my presence. We also discussed further investments in EV and electric components, " describing it as another milestone in 'our' ambition to make Tamil Nadu the new emerging electronics manufacturing hub of Asia.
State industries minister T R B Rajaa called it a proud moment for the state and announced on the official Twitter handle of his ministry that Foxconn's repeated investment and expansion plans in Tamil Nadu are a testament to the state being the top choice of manufacturing in India for major companies across the world."
CM inaugurates Battery test lab of Mahindra
Earlier in the day, the Chief Minister inaugurated through video conference a Rs 210 crore battery test lab set up by Mahindra and Mahindra at the Mahindra Research Valley in Chengalpet. The battery test lab would generate 1,000 jobs in the state.
The CM also laid the foundation stone for Rs 290 crore EV crash test lab of Mahindra and Mahindra at its SUV Testing Track in the SIPCOT industrial estate in Tiruvannamalai. State chief secretary Shiv Das Meena, additional chief secretary of state industries department S Krishnan, managing director of Guidance Tamil Nadu V Vishnu and senior officers of Mahindra and Mahindra were present during the inauguration.
